All ordinances passed by the Board shall, before they take effect, be deposited with the Village Clerk, and if the President approves thereof, he shall sign the same, and such as he shall not approve he shall return to the Board with his objections thereto in writing at the next regular meeting occurring not less than five (5) days after the passage thereof. Such veto may extend to any one or more items or appropriations contained in any ordinance making an appropriation, or to the entire ordinance; and in case the veto only extends to a part of such ordinance, the residue thereof shall take effect and be in force. But in case the President shall fail to return any ordinance, with his objections thereto by the time aforesaid, he shall be deemed to have approved such ordinances and the same shall take effect accordingly. Upon the return of any ordinance by the President, the vote by which the same was passed shall be reconsidered by the Board of Trustees. If after such reconsideration two-thirds (2/3) of all the members elected to the Board shall agree by yeas and nays to pass the same, it shall go into effect notwithstanding that the President may refuse to approve thereof. (Ord. 60-05, 5-23-60)